Novo Bank $40 Referral Bonus – Step By Step Guide

Novo bank is a free business checking account that’s currently offering a $40 bonus if you open a Novo business checking account using a referral link. Here’s what you need to do to earn your Novo referral bonus:

Open a Novo business checking account using a referral link (here’s my Novo bank referral link).
Deposit $100 to your Novo checking account within 30 days of opening your Novo account.
Maintain at least a $100 balance in your Novo account for 30 days.

This is an easy bank account bonus to earn since it doesn’t require a direct deposit and only requires you to keep $100 in the account for at least 30 days.

In addition to being a good bank bonus, Novo is also a good business checking account. It has no monthly fees or minimum balance requirements and operates a good app and website. Indeed, it’s the business checking account I currently use for this blog.

In this post, we’ll take a brief look at what Novo is, go over how to earn your bonus, and discuss some strategies you can use to earn more from Novo.

What Is a Novo Business Checking?

Novo is a fintech business banking app similar to Lili, Relay, and other fintech business checking accounts. They offer a full-featured business checking account, with funds held at Middlesex Federal Savings, which is an FDIC-insured bank that partners with Novo.

I first switched to Novo after Azlo, the previous business checking account I used, closed. What I like about Novo is that it offers a sleek website and app that’s well suited for the needs of a small business like mine.

In addition, I like Novo because it has no fees or minimum balance requirements. On principle, I don’t believe banks should charge fees or require you to jump through hoops to avoid fees. And for bank bonus purposes, a no-fee bank account is much easier to manage.

One thing to remember is that Novo is a business checking account, which means that you’ll only be eligible for it if you have some type of business. However, Novo does support side hustlers and sole proprietors, so if you earn any sort of money outside of your day job, you’ll qualify for a Novo account. Even doing something as simple as delivering food with DoorDash or Uber Eats would qualify you to open a Novo account.

If you’re interested in learning more about Novo, be sure to read my in-depth Novo Review post. I go into a lot of detail about what Novo is and how I use it in that post.

Novo $40 Referral Bonus: Step-By-Step Directions

With that background out of the way, let’s go into detail about how to earn your Novo referral bonus. Here’s what you need to do.

1. Open Your Novo Business Checking Account Using A Referral Link.

First, you’ll need to open a Novo account using a referral link. Here’s my Novo referral link if you’d like to support this blog.

To open your account, simply select what type of business you have (i.e. sole proprietorship, LLC, S-Corp, etc), then submit any supporting documents they request. Your account should be approved within a few days. The entire signup process is online and should take you about 10 minutes to complete. My account was approved and up and running within a few days.

Remember, if you have any sort of side hustle or earn income outside of your day job, you likely have your own business and can qualify to open a business checking account.

2. Deposit $100 Into Your Novo Account Within 30 Days.

Once you’ve opened your Novo account, your next step will be to deposit $100 into your Novo account within 30 days. You can make your deposit immediately when you open the account or wait until after you have the account set up.

To deposit the money, click on “Move Money” at the bottom of the Novo app, then click “Transfer Funds to Novo.” You can link external bank accounts to Novo using Plaid.

Ideally, do this as soon as you can so you don’t forget to fund the account.

3. Maintain At Least A $100 Balance For 30 Days.

After you’ve deposited the $100, you’ll need to maintain that balance for 30 days. This is self-explanatory. Just put the $100 into the account and leave it there. Once you meet this requirement, you’ll be eligible for the bonus.

The terms do not state when the bonus will post, but I imagine it should post quickly. If anyone has any data points, please feel free to share them below.

Refer Your Friends And Earn More Novo Referral Bonuses

When you open your Novo business checking account, you’ll get a referral link that you can use to refer other people. Each person you refer that meets the requirements will earn you $40 (the person you refer will also earn $40 for using your link).

You can earn up to 10 total referral bonuses, which means under the current promotion.

There’s an opportunity here to make a decent chunk of money if you do this correctly. If you’re a two-person household, for example, you should be able to earn $120 by opening a Novo account for both people. To do this, first, open your account using a referral link. Then, refer your spouse or partner with your referral link. You’ll get $40 for opening your account, then your spouse will get $40 for using your referral link and you’ll get an additional $40 for referring your spouse.

Final Thoughts

Novo is a business checking account with an easy signup bonus. You can apply for your account in a few minutes and get your account up and running within a few days. The bonus also doesn’t require a direct deposit, so that’s another thing you can avoid.

If you feel like supporting this site, please feel free to use my Novo referral link. For a ton of detail about bank account bonuses, be sure to check out my post, The Ultimate Guide to Bank Account Bonuses.

Hope this post helps!

More Recommended Ebike/Scooters

Check out these other ebikes/scooters I've had the chance to do a review for:

GEN3 Outcross Bike – The GEN3 Outcross is a solid, affordable fat tire ebike that does a good job of doing what I need it to do. It works great for city riding, giving me a smooth ride in all conditions. It’s works really well as a winter ebike since the fat tires give it good traction over snow and ice. Check out my GEN3 Outcross Review.
Himiway Escape Bike – The Himiway Escape is an interesting bike for anyone looking for a moped-style ebike. If you’re a gig economy worker, the Himiway Escape is particularly interesting and it’s possible to think of it as an investment, especially if you can opt to do deliveries with the Himiway versus using a car. It’s not cheap, but you can definitely make your money back when you compare the mileage you’ll put on your car versus using an ebike. Check out my Himiway Escape Bike Review.
Espin Sport Bike – The Espin Sport is a good ebike for someone who is looking for an ebike that feels and rides more like a regular bike. There are many ebikes that are really only bikes in name. In reality, they’re basically electric mopeds. The Espin Sport, by contrast, is a bike you could probably ride without the battery and you’d feel like you’re just riding a regular bike. Check out my Espin Sport Review.
Varla Eagle One Scooter – The Varla Eagle One is an excellent scooter that can make sense for a lot of people. It can work as a primary mode of transportation. You can use it to work on gig economy apps like DoorDash, Uber Eats, and Grubhub. And it can also be a recreational vehicle if you’d prefer to use it for that. Check out my Varla Eagle One Review.
Fucare H3 Scooter – The Fucare H3 is a fun scooter and I’ve enjoyed testing it out. For a daily commuter or quick trips or errands, the Fucare H3 is probably the scooter I’ll use. It’s portable and easy to maneuver, so it’s just easier to take on the road when I need it. Check out my Fucare H3 Scooter Review.

More Recommended Investing App Bonuses

For additional investing app bonuses, be sure to check out the ones below:

M1 Finance ($10) – This is a great robo-advisor that has no fees and allows you to create a customized portfolio based on your risk tolerance. You also get $10 for opening an account. Check out my M1 Finance Referral Bonus – Step-By-Step Guide.
SoFi Invest ($25) – SoFi Invest is an easy brokerage account bonus that you can earn with just a few minutes of work. Use my SoFi Invest referral link, fund your SoFi Invest brokerage account with $100 and you’ll get $25 of free stock. I also have a step-by-step guide for the SoFi Invest referral bonus.
Moomoo (5 free stocks) – Moomoo is a free investing app currently offering 5 free stocks (usually worth around $75-$100) if you open an account using a referral link and deposit $2,000. Read my Moomoo referral bonus guide for more information.
Webull (5 free stocks) – Webull also gives you 5 free stock valued between $3-$3,000 each if you open an account using my referral link. Here’s a guide I wrote about how to earn your free stocks using Webull.
Robinhood (1 free stock) – Robinhood gives you a free stock valued between $2.50-$225 if you open an account using my referral link.
Public (1 free stock) - Public gives you a free stock valued between $3-$70 if you open an account using my referral link.

More Recommended Bank Account Bonuses

If you’re looking for more easy bank bonuses, check out the below options. These bonuses are all easy to earn and have no fees or minimum balance requirements to worry about.

Chime ($100) - Chime is a free bank account that offers a referral bonus if you use a referral link and complete a direct deposit of $200 or more. In practice, any ACH transfer into this account triggers the bonus. This bonus is easy to earn and posts instantly, so you’ll know if you met the requirements as soon as you move money into the account. I wrote a step-by-step guide on how to earn your Chime referral bonus that I recommend you check out.
Upgrade ($100) – Upgrade is a free checking account that’s currently offering a $100 referral bonus if you open an account and complete three debit card transactions. These bonus terms are easy to meet, so it’s well worth doing this bonus as soon as you can. Importantly, this bonus says that it’s now scheduled to end on October 31, 2022. As long as you get your account opened before October 31st, you should be eligible. Here’s a post I wrote with more details: Upgrade $100 Referral Bonus – Step By Step Directions.
SoFi Money ($350) – SoFi Money is a free checking account from SoFi. They’re currently offering a $25 referral bonus if you open a SoFi account with a referral link and deposit $10. You can also make an additional $300 as well if you complete a direct deposit. This is a good bank that is also 100% free, so you won’t have to worry about managing this account. Here’s a post I wrote with instructions on how to earn your SoFi Money bonus: SoFi Money Referral Bonus: Step By Step Guide.
Fifth Third Bank ($250) – This offer is limited to customers in the following states: Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, Ohio, Tennessee, West Virginia, and South Carolina. If you don’t live in one of those states, you won’t be able to open an account online but you can still open an account in-branch if you happen to be visiting a city that has a branch. This is a fairly easy bank bonus to earn, especially since there are plenty of data points showing what will trigger the direct deposit requirement. In addition, you can open the Fifth Third Momentum Checking bank account, which comes with no monthly fees or minimum balance requirements. Read my guide on this bonus here.
Current ($50) – Current is a free fintech bank that’s offering new users a $50 referral bonus after signing up for an account using a referral link.Current is an easy bonus to earn and also gives you access to three savings accounts that pay you 4% interest on up to $2,000. That means you can put away up to $6,000 earning 4% interest. That’s very good and makes Current an account I recommend to everyone. Check out my step-by-step guide on how to earn your Current Bank bonus.
OnJuno ($100) – OnJuno is a fintech/neobank that is currently offering a $100 referral bonus if you open an account using a referral link and complete a direct deposit of $250 or more. The account has no fees or minimum balance requirements. Even better, the bonus posts immediately after you meet the requirements. If you can meet the direct deposit requirements, OnJuno is an easy bank bonus that’s worth snagging. Check out my OnJuno referral bonus guide here.
Varo ($50) – Varo is a free fintech banking app similar to Chime or Current. It’s currently offering a $50 bonus to new users that open a new Varo account with a referral link. The bonus for this bank is very easy to meet, all you need to do is spend $20 within 30 days of opening your Varo account. Check out my step-by-step guide to learn how to earn this bonus.
Fairwinds Credit Union ($100) – Fairwinds Credit Union is offering a referral bonus for users that sign up using a referral link. Fairwinds has no fees or minimum balance, so this is a particularly easy bonus to earn. Since this is a smaller credit union, my gut instinct tells me this offer won’t be around long, so if you’re in a position to meet the bonus requirements, grab this bonus before it’s gone. Here is my step-by-step guide on how to earn your Fairwinds Credit Union bonus.
Novo Bank ($40) - Novo bank is a free business checking account that’s currently offering a $40 bonus if you open a Novo business checking account using a referral link. In addition to being a good bank bonus, Novo is also a good business checking account. It has no monthly fees or minimum balance requirements and operates a good app and website. Indeed, it’s the business checking account I currently use for this blog. Check out my post on how to easily open a Novo account.
Spiral ($50) – Spiral is a fintech bank that's currently offering new customers a $50 signup bonus after opening a free checking account with them. The Spiral referral bonus is especially good because it's a free checking account and doesn't require a direct deposit to earn the bonus. Here is my step-by-step guide on how to earn your Spiral Bank bonus.
One Finance ($50) – One Finance is a fintech bank that’s currently offering a $50 signup bonus if you open an account using a One Finance referral link and have a direct deposit of $250 or more. This is a completely free bank account with no minimum balance requirement, so if you can meet the requirements, it’s worth doing. Check out my One Finance referral bonus guide here.
Albert ($150) – If you can manage to do a real direct deposit, Albert is an easy account you can use to earn a referral bonus. Here’s a review about Albert I wrote. And here’s a step-by-step guide on how to earn your Albert referral bonus.
Netspend ($20 + 5% Interest Savings Account) – Netspend is a company that provides 5% interest savings accounts. If you sign up using my referral link, you’ll get a $20 signup bonus once you make your first deposit into your Netspend account of $40 or more. That means you get a 5% interest savings account and a free $20 to start! Make sure to check out my in-depth guide on how to set up these accounts.

Kevin is an attorney and the blogger behind Financial Panther, a blog about personal finance, travel hacking, and side hustling using the gig economy. He paid off $87,000 worth of student loans in just 2.5 years by choosing not to live like a big shot lawyer.

Kevin is passionate about earning money using the gig economy and you can see all the ways he makes extra income every month in his side hustle reports.

Kevin is also big on using the latest fintech apps to improve his finances. Some of Kevin's favorite fintech apps include:

SoFi Money. A really good checking account with absolutely no fees. You'll get a $25 referral bonus if you open a SoFi Money account with a referral link, and an additional $300 if you complete a direct deposit.
Upgrade Bank. Upgrade is a free checking account that’s currently offering a $100 referral bonus if you open an account and complete three debit card transactions. These bonus terms are easy to meet, so it’s well worth doing this bonus as soon as you can. Note that it’s now scheduled to end on October 31, 2022.
Novo Bank. Novo bank is a free business checking account that’s currently offering a $40 bonus if you open a Novo business checking account using a referral link. It’s the business checking account I currently use for this blog.
M1 Finance. This is a great robo-advisor that has no fees and allows you to create a customized portfolio based on your risk tolerance. You also get $10 for opening an account.
Personal Capital. One of best free apps you can use to monitor your portfolio and track your net worth. This is one of the apps I use to track my financial accounts.